BIDV, NAPAS Launch Weixin Pay QR Payments for Chinese Tourists in Vietnam

Overview

Vietnam’s National Payment Corporation (NAPAS) and China’s Weixin Pay have officially launched cross-border QR payment services, enabling Chinese tourists to pay using Weixin Pay at Vietnamese merchants. BIDV (HOSE: BID) serves as the settlement bank and has developed the merchant acceptance network. This initiative taps into China as Vietnam’s largest source of international tourists, with over 3.1 million arrivals in the first seven months of the year.

Key Facts

• NAPAS and Weixin Pay announced the expansion of cross-border QR payment services on August 6, 2025.
• Weixin Pay has over 1 billion users in China, accessible via the Weixin/WeChat app.
• Chinese tourists can scan VietQRGlobal codes at retail stores, restaurants, hotels, and attractions across Vietnam.
• BIDV is the settlement bank and has expanded its merchant network for the project.
• Vietnam welcomed approximately 13.9 million international visitors in the first seven months of 2025, up 6.6% year-on-year.
• China accounted for 3.1 million arrivals, representing 22.2% of total international visitors.
• NAPAS plans to enable QR payments for Vietnamese travelers in China in the future.

What Happened

At a ceremony on August 6, 2025, NAPAS and Weixin Pay announced the expansion of cross-border QR payment services between Vietnam and China. Phạm Anh Tuấn, Director of the Payment Department at the State Bank of Vietnam, highlighted that connecting with Weixin Pay marks a new step in expanding Vietnam’s digital payment infrastructure internationally.

Nguyễn Quang Minh, General Director of NAPAS, stated that the connection completes cross-border QR payment services for Chinese tourists in Vietnam and expands the reach of VietQRGlobal to one of the world’s largest tourist markets. BIDV’s General Director, Hoàng Việt Hùng, emphasized that the initiative adds convenient payment methods and connects the two economies through digital financial infrastructure. BIDV currently serves as the settlement bank and has developed the merchant acceptance network for the project.

Market Context

BIDV shares closed at 37,900 VND on August 6, 2025, on the HOSE. The launch aligns with Vietnam’s growing digital payment sector and the recovery of international tourism. With China as the largest source of tourists, this partnership is expected to boost transaction volumes through BIDV’s network, potentially supporting its non-interest income and digital banking strategy.

Strategic Significance

For long-term investors, this partnership positions BIDV as a key player in cross-border payment infrastructure, enhancing its role in the digital economy. By serving as the settlement bank, BIDV gains direct access to a large volume of transactions from Chinese tourists, which could increase fee income and strengthen its merchant network. The move also aligns with Vietnam’s broader push to modernize payment systems and deepen economic ties with China.

What to Watch

• Transaction volume growth from Chinese tourists using Weixin Pay in Vietnam over the next quarters.
• Expansion of the merchant network and any new partnerships announced by BIDV or NAPAS.
• Implementation of two-way QR payments, allowing Vietnamese tourists to pay in China.
• Regulatory updates from the State Bank of Vietnam on cross-border payment policies.
• BIDV’s quarterly earnings reports for evidence of increased non-interest income from payment services.